Personal Finance: Unit 3 Review

Putting off making payments while in school

• Federal student loan

• Loan defaulting

• Loan deferment

• Private student loan

Failure to repay a loan

• Federal student loan

• Loan defaulting

• Loan deferment

• Private student loan

Student loan offered by the government

• Federal student loan

• Loan defaulting

• Loan deferment

• Private student loan

Loan issued by a bank or credit union

• Federal student loan

• Loan defaulting

• Loan deferment

• Private student loan

Total amount of income before deductions have been taken out

• Federal income tax

• Gross pay

• Net pay

• State income tax

Total amount received by an employee after mandatory and elective deductions have been taken

• Federal income tax

• Gross pay

• Net pay

• State income tax

The amount paid to your state government that is taken out of your paychecks

• Federal income tax

• Gross pay

• Net pay

• State income tax

The amount paid to the US Treasury to support US government programs?

• Federal income tax

• Gross pay

• Net pay

• State income tax

What is the form that an employee must fill out when they are first hired at a job?

• 1040

• 1099

• W-2

• W-4

What is the form that an employee receives from the employer every year containing how much money was made and how much was paid out in taxes?

• 1040

• 1099

• W-2

• W-4